Small Inheritance Dilemma

[chickeninabun]

A bit of background:
I am a 28 yo mother of 2, married and own one pony (my daughter's really) and share another horse with my yard owner (horse now has cushings, v bad laminitus and not sure how much longer it's going to be around

).

My grandmother died earlier in the year and my father has just got all the money through from sale of her house, etc. He is giving me £1000.

What would you do with it?

I don't want to flitter it away, but I don't really want to sit on it for years and years, as, let's be honest, in the grand scheme of things, £1000 isn't going to be buy the kids a car when they can drive in 14 years time!

My instant reaction is to buy a horse as I have always wanted my own, but my parents could never afford it, so I finally got my daughters pony last year (too small for me to ride), but would love something that's truly mine. A little foaly or similar that I could bring on myself but a) have I the time? (in a couple of years both kiddies will be at school, so maybe) b) have I the money to "keep" the horse? (well, it doesn't grow on trees but us horsey peeps will find the money if we have to

) and c) we haven't actually got a spare stable on our yard (only 3 horses-my pony, my share and YO horse), but lots of grass.

Any thoughts? What would you do, if it was yours????


Hot choc and cookies if you bothered to get this far!

 

[martlin]

I voted for a horse, maybe something young that could be just turned out to grow up while your kids get to school age? You mentioned a foal or a yearling maybe?

 

[chickeninabun]

That's my thoughts exactly! I was even thinking I could somehow name it after my Granny! Maybe not Joan, but something that relates to her!

 

[martlin]

lovely idea

 

[T_K]

Get a native type and stick it out in the field

 

[merlinsquest]

Friend of mine spent the money her mother left her on a lovely dressage horse and called him Special Inheritance

 

[dozzie]

I would pay off debts. The interest you pay on debt is much more than you earn in savings. All the time you are in debt it is costing you more money in interest. So paying them off you would be saving more than putting the money into savings...
But I hate having debts!

 

[lindsayH]

I would sooooo buy a horse if I could afford the increased bills. Get a 3 or 4 year old around 14.2 - 15hh. That way, by the time the kids are big enough it's mature enough for them. See, you're not being selfish at all, just getting it ready for them for 10 years or so.....

 

[Chestnuttymare]

i said other, my car gave up the ghost yesterday and i need another and funds are low

you being an heiress could solve my problem.

apart from that, i think you should do what would make you happy, ie buy yourself a nice horsey. it's not being selfish, think what you spend on the family and you have already bought your daughter a pony.

 

[xspiralx]

I put buy a horse, because thats what I think you should do!

If it was mine though, it would go in my savings

 

[Tia]

Well I don't know if you have any debts so didn't vote that based on you either don't have any, or they are small enough for you to pay off without the money.

I voted to buy a horse; specifically a youngster; weanling or yearling, keep it for a few years, back it and then if you need money then, you can sell it for much more than you paid, along with you having a lot of fun throughout the time it remains with you.

OR keep it

.

 

[bugaboo]

Get a baby do bits with it and it will be ready to back once your kids are off at school.Live it out to save time /money IMO young horses are best to live out aslong as they are warm and have grass and from what you have said there is plenty.
I would get in quickly with market been down you could get a bargain.

 

[Box_Of_Frogs]

Every day the papers are full of ever more terrifying economic horror stories. Make no mistake, this is gonna hurt everyone eventually, no matter how safe they think they are. Why not wait a year and see how this all pans out? If you bought a ned now and then had to sell it in 6 months coz of financial probs it would be misery.

 

[the watcher]

In the overall scheme of things, £1000 will not buy you much in the equestrian world. In your position I would look for a horse on long term/permanent loan - something that is maybe ready to retire from serious competition but would still be a RC horse or pony and will hack and PC for another 10 to 15 years. That money will give you the buffer for any unexpected costs, rugs, vetting, etc

 

[sherbet]

My granpa died I got a larger amount than you, paid of some of the morg on house, brought my dauhter the pony she had on loan (£700) brought myself a new horse £6000 put about £2500 from granpas money.
My daughters ponys show name is Granpas last wish, and mine is called Mr Bojangles one of my nans (also dead) fav songs

Best thing I ever did

 

[TayloredEq]

Pay off your debts!!

The fact this is an option suggestst that you have some.Getting a new horse would involve more than just buying the horse, you will need to buy other eqipment/rugs etc, so it will cost you way more than £1000.

If you have debts you should pay them off if possible as you will only incur more debts with horses.

 

[diggerbez]

when my nana and grandpa died i bought myself a horse and a cheapo horsebox (yes i did get more than 1k before you all start wondering how i managed that!!)- best thing i ever did- it was my grandpa who used to take me to the farm as a small kid and cadge me rides on great big horses there so i think its what he would have wanted. horse in question now retired from competition but happy hacking around with my sharer- i would NEVER sell him as he reminds me too much of my grandpa...

 

[TheHoone]

my nanny left me some money and although at the time i had no children etc there wasnt an ounce of me that thouth be wise keep it for my kids when i eventually had them - i got mare from ireland no name - so i named her after my nanny, great memory and she is so special to me for that reason and thats she's my baby, also great idea about getting something the kids can ride at a later date, also if you get a youngster you can do so much ground work with it, and it will be totallly your own.

 

[FMM]

Pay off your debts - then see if you can manage your current situation without getting into debt again - if you can, then start saving for your horse. If you can't, then you ought not get something just yet. It won't be long before your child is big enough to need a horse that you can both ride!

 

[SDH]

Since you put "pay off debts" in the options, I presume you have debts so

If you have debts, pay them off, the interest you pay on debts is way more than you would earn in savings interest and if you have debts now - you can't afford a horse!

 

[lis2185]

I'm always told you can't save until you have paid off you debts. If the grand covers that i'd def do that, then look for your yearling later on maybe with money you have saved because you have no debts!?

 

[chickeninabun]

Yes, paying off debts would probably be best and it would probably cover the amount on the credit card, but it'd hardly put a dent in my mortgage, so I'll always have debts. And it seems a bit... erm... disrespectful almost, to pay off debts with my Granny's money. I'd never have anything to show for it. I understand it makes sense, but just doesn't seem right to me.

 

[piaffe]

What about buying a youngster to bring on then sell on to make a profit?

I bought an unbroken 5 year old from Spain and paid under 2.5K including shipping. 2 years on I have just sold him for 8k. The money has paid for new youngster and paid off debts.

 

[Hippona]

Buy a youngster..its money you wouldnt have had normally- its a windfall...being sensible all the time isn't really living....

 

[hellspells]

I would either pay of your credit card in total and then maybe put some of the money that you pay off the minimum each month into another account to save for a horse - that way although techically using your inheritance to pay off the debt its only in a loan way so you can save them money up again and buy a horse.

Or as the others have said a nice youngster for you to work with.

 

[Passtheshampoo]

Pay off your debts. Don't think £1K will get you a horse with tack that's any good, plus you'd have the added cost of insurance, feed,vacinations, worming, farrier etc....... Ponies are much more economical than horses so it's not wise to think that your horsey costs would just double with an extra horse. Could you ask around to see if anyone wants help exercising their horse whilst the kids are still young. I sold my horse when I had kids and bought myself another when the children we a bit older. In the meantime I helped people ride, school and look after their horses which is a much cheaper option and less of a committment.